Aspects of Cryptocurrency
Keywords:
Cryptocurrency, Bitcoin, Ethereum, Litecoin, advantage, disadvantage, Article 19(1)(g)Abstract
The term cryptocurrency is itself derived from the encryption techniques which is used to secure
the network. It can be called as a system which allows for the secure payments online and which
are dominated by the term of virtual “tokens”. An investor can purchase cryptocurrency through
crypto exchange like coinbase, cashapp etc. The question arises that how cryptocurrency can
make money, well since it permits for the secure payments online which are termed in terms of
virtual tokens. Investor can make money with cryptocurrency either by mining bitcoin or simply
selling their Bitcoin at a profit.
In 2016 after demonetization people took the cryptocurrency seriously. Many people were
genuine investors but many abused the system to launder money illegally. Article 19(1)(g) says
that everyone has a right to practise any profession, or to carry on any occupation, trade or
business. The apex court said the right to create something that doesn’t violate any existing rule
is an unsaid fundamental law. Hence, the citizens have right to create a new industry of
cryptocurrencies and exchange along with the fundamental right to trade, it said.
The paper also discuss about the advantage and disadvantage of cryptocurrencies as Fund
transfer between two parties will get easy without the need of a third party like credit/ debit
cards or banks. Also it is cheaper alternative as compared to other online transactions but also
at the same time taxation issue is one of the major cryptocurrencies issue, they can readily be
used by hiding the property for tax evasion purpose It has no proper laws, no international
recognized agencies, all country does not accept it and also it does not reveal identification and
therefore it discourages people to invest black money. It may have a impact on real money.
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